A summary of the announcement this evening by the Chancellor of the Governments support for the self-employed is as listed below.
The assistance will take the form of a taxable grant issued to the self-employed person.
- The grant will be calculated with reference to an average of your self-employed profits for the three years to 5th April 2019.
- If your trading profits did not exceed £50,000 in 2018/19, or if your average trading profits over the last three years did not exceed £50,000, you will be eligible.
- To be eligible, your self-employed income must amount to more than half of your income.
- You must have submitted a SA Return for 2018/19, and have traded in 2019/20.
- If you have not submitted a 2018/19 SA Return, you will be allowed until 23rd April 2020 to file it.
- You must still be trading when you apply, or would be except for COVID-19.
- And you must intend to continue trading in 2020/21.
- You can continue to work if able and allowed.
The grant will amount to 80% of your average profits from 2016/17, 2017/18 and 2018/19 (where applicable).
The grant will be up to a maximum of £2,500 per month for three months.
The grant will be administered through an online portal, and those meeting the criteria will be contacted by HMRC and invited to apply online.
The scheme is not yet in place, and the process is not expected to make payments until the start of June 2020.
The Government has advised people to apply for Universal Credits if facing immediate financial issues.
Please understand that the full details have not yet been announced, and so we cannot answer queries relating to this until that time. We are aware that there are certain situations (such as those who commenced self-employment since 6th April 2019 etc) that have not been addressed, and we would ask you to bear with us until the full details are announced.
In the meantime please stay safe.
If you do need to contact us regarding the above, please email on email@example.com